Full Press Release Details
Accessibility: Skip TopNav
Summit Corporation PLC : Award of Share Options
December 27, 2012 02:00 ET
Summit Therapeutics plc
Summit Therapeutics plc
Summit Corporation plc
('Summit' or 'the Company')
AWARD OF SHARE OPTIONS
Oxford, UK, 27 December 2012 - Summit (AIM: SUMM), a UK drug discovery and development company, today announces that on 24 December 2012 it granted Share Options over 10,000,000 shares to certain individuals at an exercise price of 4.25 pence per share. The options will vest subject to achieving certain performance conditions.
This share option award is part of Summit's strategic shift to focus on the development of its clinical-stage programmes for the treatment of Duchenne Muscular Dystrophy ('DMD') and Clostridium difficile infections ('CDI') and will help motivate and retain personnel who are key to the success of the respective programmes. The Board believes this award is aligned with the interests of all shareholders as the Company seeks to generate shareholder value.
The options will fully vest on the third anniversary of date of grant subject to achieving the performance condition of the average closing share price being equal to or greater than 8.0 pence in any period of 30 consecutive calendar days ending on or before the third anniversary. The options will lapse if the performance condition is not met by the third anniversary of date of grant.
The total number of options being awarded represents 2.8% of the Company's current issued share capital. There are no options being awarded to Executive Directors or Officers at this time.
Summit is an Oxford, UK based drug discovery and development Company targeting high-value areas of unmet medical need including Duchenne Muscular Dystrophy and C. difficile infection. Summit is listed on the AIM market of the London Stock Exchange and trades under the ticker symbol SUMM. Further information is available at www.summitplc.com.
For more information, please contact:
| Summit Glyn Edwards / Richard Pye | Tel: +44 (0)1235 443 951 |
| Nplus1 Singer (Nominated Adviser and Joint broker) Shaun Dobson / Jenny Wyllie | Tel: +44 (0)207 496 3000 |
| Hybridan LLP (Joint broker) Claire Louise Noyce / Deepak Reddy | Tel: +44 (0)207 947 4350 |
| Peckwater PR (Financial public relations, UK) Tarquin Edwards | Tel: +44 (0)7879 458 364 tarquin.edwards@peckwaterpr.co.uk |
| MacDougall Biomedical Communications (US media contact) Michelle Avery | Tel: +1 781-235-3060 |
Forward Looking Statements
This document contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipates", "intends", "plans", "seeks", "believes", "estimates", "expects" and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company's current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forward-looking statements. The Company cautions you therefore that you should not rely on any of these forward-looking statements as statements of historical fact or as guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements and regional, national, global political, economic, business, competitive, market and regulatory conditions.